WAYNE, Pa.--(BUSINESS WIRE)--Jan. 10, 2003--Triumph Group, Inc.
(NYSE:TGI) announced today completion of the purchase of the assets of
The Boeing Company's Spokane Fabrication Operation, located in
The acquired business, Triumph Composite Systems, Inc., is
projected to add approximately $60 million of revenue for fiscal 2004
and be accretive to earnings.
About 335 employees at the Spokane plant will now work for Triumph
Composite Systems. Built in 1990, the Spokane facility is dedicated to
the production of aircraft parts made of composite and thermoplastic
materials. Primary products include floor panels, air control system
ducts and non-structural composite flight deck components.
As part of the transaction, Triumph and Boeing have entered into
an eight-year single source supply agreement for the products
currently produced by the Spokane facility.
Richard C. Ill, President and Chief Executive Officer of Triumph
Group, Inc. said, "We are pleased to have acquired Triumph Composite
Systems from The Boeing Company. We are excited about the potential
for growth at the company, which adds new capabilities in the area of
composites and plastics that Triumph can offer to its global
customers. Through the acquisition we acquire a world-class facility,
tremendous product capabilities and an outstanding group of employees.
We sincerely appreciate the efforts made by all parties, including
Spokane's employees, the International Association of Machinists and
the Society of Professional Engineering Employees in Aerospace to
enable us to complete this transaction."
While part of Boeing, the Spokane facility was managed by Mary Lou
Thomas, who will continue in that capacity as part of the Triumph
management team. According to Ms. Thomas, "Triumph represents a new
beginning for our employees, one that has exciting growth
opportunities for our business. We are excited about joining Triumph
and look forward to helping Triumph achieve its objectives as we move
Triumph Group, Inc. headquartered in Wayne, Pennsylvania, designs,
engineers, manufactures, repairs and overhauls aircraft components and
industrial gas turbine components and accessories.
The Company serves a broad, worldwide spectrum of the aviation
industry, including commercial airlines and air cargo carriers, as
well as original equipment manufacturers of aircraft and aircraft
components and power generation equipment. The Company also
distributes, processes and fabricates metal products.
More information about Triumph can be found on the World Wide Web
Site at http://www.triumphgroup.com.
Statements which are not historical facts, including statements
regarding the effect of this acquisition on the Company's sales growth
in the aircraft manufacturing industry and aftermarket and its ability
to successfully take advantage of new manufacturing systems, contained
in this release are forward-looking statements under the provision of
the Private Securities Litigation Reform Act of 1995.
All forward-looking statements involve risks and uncertainties
including statements regarding the outlook for continued opportunities
for future growth. The company wishes to caution readers that several
important factors could affect the company's actual results and could
cause its actual results to differ materially from those expressed in
any forward looking statements made by, or on behalf of, the company.
Further information regarding the important factors that could
cause actual results to differ from projected results can be found in
Triumph's reports filed with the SEC, including our Form 10-K for the
year ended March 31, 2002.
||Triumph Group, Inc.
||John Bartholdson, 610/251-1000